Goneo Group Co., Ltd.
603195.SS · SHH
Company research
Goneo Group Co., Ltd. (formerly Gongniu Group Co., Ltd.) is a China-based manufacturer and seller of civilian electrical products, founded in 1995 by brothers Ruan Liping and Ruan Xueping in Cixi, Zhejiang Province, and listed on the Shanghai Stock Exchange since February 2020. The company's core product portfolio spans power connection and extension solutions — including converters, wall switches and sockets, surge-protected power strips, and USB-integrated outlets — alongside LED lighting, digital accessories, EV charging equipment, circuit breakers, and smart home devices. Headquartered in Shanghai and operating under the internationally recognized BULL brand, Goneo Group employs approximately 13,700 staff and generated operating revenue of approximately RMB 16.61 billion (TTM), reflecting consistent double-digit growth driven by its electric connection, smart electrical lighting, and new energy businesses. Under the leadership of Chairman and CEO Liping Ruan, the company distributes its products across both domestic and overseas markets, maintaining a market capitalization of approximately CNY 66.5 billion.
Research reports
Reviews how 2025 revenue and net profit declined mid‑single digits, but highlights 2026Q1 revenue and earnings growth with margin improvement and maintains a Buy view based on resilient cash flow, strong dividends and buybacks, and continued double‑digit growth in the new energy segment.
Guosheng Securities Co., Ltd. · April 30, 2026公牛集团(603195)：2026Q1稳步增长 期待拓展新业务Analyzes 2025 full-year and 2026Q1 results, noting revenue pressure but improving profitability, segment performance across electrical connection, smart electrical lighting, and new energy, and projects 2026–2028 net profit growth while reiterating a Buy rating with cautions on raw‑material, property cycle, and competition risks.
Shenwan Hongyuan Securities Research · February 24, 2026公牛集团(603195)：主业有望稳健修复+国际化加速 重视底部布局价值Argues that core businesses in electrical connection and wall switches should recover as consumption and real estate stabilize, with overseas expansion in Southeast Asia and Europe plus smart lighting and new energy driving the next growth leg, lowers 2025–2026 earnings forecasts but maintains a Buy rating based on valuation upside and strong competitive moats.
Cinda Securities Co., Ltd. · October 31, 2025公牛集团：经营下滑收敛，新业务&出海持续增长Discusses 2025Q1–Q3 revenue and profit declines and softer margins, but emphasizes narrowing growth pressure, ongoing product innovation in sockets and smart lighting, robust expansion in EV charging and storage, and accelerating internationalization; provides detailed forecasts and valuation multiples without an explicit rating, balancing short‑term headwinds against medium‑term growth drivers.
Southwest Securities Research Institute · October 31, 2025公牛集团(603195)2025年三季报点评：业绩短期承压，新业务成长可期Reviews 2025Q3 results showing low‑single‑digit revenue decline and high‑single‑digit profit decline, notes margin compression but effective cost control, and highlights multi‑segment collaboration, over one million offline outlets, and rapid growth in new energy and data‑center electrical products as future upside while retaining a Hold rating given near‑term demand and real‑estate pressures.